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1. www.policygenius.com › life-insurance › defineGlossary of life insurance terminology & definitions

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   Jan 19, 2023 · A type of life insurance that is in effect for a set number of years, usually anywhere between five to 30 years. Term life insurance is a basic policy with no additional components, such as a cash value, but it is generally the best life insurance policy option for most people due to its lower cost.

2. fidelitylife.com › life-insurance-terms-maturityUnderstanding Life Insurance Terms & Maturity: Key Concepts ...

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   3 days ago · Policy maturity happens when a life insurance policy reaches the end of its term, the insured person dies, or when the insured person reaches a certain age specified in the policy. If you have a permanent life insurance policy and you reach an age specified in the policy, the policy might pay out a sum of money to you.

3. www.quotacy.com › life-insurance-key-termsLife Insurance Key Terms and Definitions - Quotacy

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   Dec 13, 2023 · Term Life Insurance. Term life insurance is a straight-forward policy that provides temporary coverage, typically lasting 10-40 years. If you die within the term, your beneficiaries receive a death benefit payout from the insurance company. Most term life insurance policies provide level premiums, meaning once you buy the policy, you lock in ...

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4. www.lifeinsure.com › life-insurance-glossaryLife Insurance Glossary - Lifeinsure.com

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   Sep 4, 2019 · Term life insurance: Life insurance issued for a term of years, normally building up no cash value and expiring without value. Typical term periods are 10, 15, 20, 25, and 30 (a few companies now offer 35 and 40) years. Tertiary beneficiary:

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5. www.nerdwallet.com › article › insuranceEssential Life Insurance Definitions and Terms - NerdWallet

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   Jan 10, 2024 · Term life insurance is life insurance that covers you for a set period of time, usually between one and 30 years. Term life insurance doesn’t typically accumulate a cash value, unlike...

6. smartasset.com › life-insurance › glossaryGlossary of Life Insurance Terms | SmartAsset.com

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   Thinking about buying a life insurance policy? Right on. Before you sign your name and make your first payment, though, you want to be sure you understand what you’re getting. If you’re feeling baffled by all the new terminology, read through our glossary of life insurance terms and get some clarity.

7. People also ask

   What is term life insurance?

   • A type of life insurance that is in effect for a set number of years, usually anywhere between five to 30 years. Term life insurance is a basic policy with no additional components, such as a cash value, but it is generally the best life insurance policy option for most people due to its lower cost.

   Glossary of life insurance terminology & definitions

   www.policygenius.com/life-insurance/define/

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   What is a level life insurance policy?

   • Another term for a term life insurance policy, a level term life policy is where the premiums and death benefit remain the same for the duration of the contract. A determination of your risk as a life insurance candidate based on your health, family history, and avocations.

   Glossary of life insurance terminology & definitions

   www.policygenius.com/life-insurance/define/

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   What is a life insurance policy?

   • A life insurance policy that provides coverage until the death of the insured person. The legal document, issued by the life insurance company to the policyholder, stating the terms of the life insurance contract. A loan a life insurance company makes to a policy owner. The security for the loan is the cash value of the owner’s policy.

   Glossary of Life Insurance Terms | SmartAsset.com

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   What is cash value life insurance?

   • Cash value life insurance is a type of whole life insurance policy. It is designed to last a whole life, as opposed to term insurance, which is in force for a specified period of time or term.

   Life Insurance Glossary - Lifeinsure.com

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   How long does a life insurance policy last?

   • A level term life policy that lasts for one year. Also called yearly renewable term, it guarantees coverage for one year, and can be renewed annually at a higher premium or converted to a permanent life insurance policy. Usually, this is purchased as a supplement to existing insurance for temporary needs.

   Glossary of life insurance terminology & definitions

   www.policygenius.com/life-insurance/define/

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   What is a life insurance premium?

   • Premiums are the payments you make to your insurance company for the life insurance it provides. With term insurance, premiums cover the cost of administration and your life insurance coverage. With a permanent policy, they also fund any cash value component. The face value of a life insurance policy is the death benefit the policy will pay.

   Essential Life Insurance Definitions and Terms - NerdWallet

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8. www.moneysense.ca › term-life-insuranceWhat is term life insurance and how, exactly, does it work?

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   May 26, 2022 · Term life insurance is one of the many types of life insurance available in Canada. As its name implies, it provides coverage for the duration of your chosen term—the period of time you...